东方电缆：海陆业务双重发力 海外开拓成效显著

Investment Rating - The report assigns a "Buy" rating for the company [3][7]. Core Insights - The company occupies a strategic advantage in cable laying with its own vessels, enabling integrated EPC services [2][110]. - The company has shown significant growth in overseas market expansion, with notable project wins in international markets [6][117]. - The company has a strong technical edge in cable production, particularly in specialized products like umbilical cables and flexible DC cables [4][99][100]. Summary by Sections Company Overview - The company is a core supplier of marine and land cables in China, established in 1998 and listed on the Shanghai Stock Exchange in 2014 [3][25]. - It has three main product segments: land cable systems, marine cable systems, and marine engineering, serving various industries including power communication and clean energy [3][25]. Financial Performance - In 2023, the company achieved a revenue of 7.31 billion yuan, a year-on-year increase of 4.29%, and a net profit of 1 billion yuan, up 18.76% [3][35]. - For the first three quarters of 2024, revenue reached 6.7 billion yuan, reflecting a growth of 25.22%, with a net profit of 932 million yuan, up 13.41% [3][35]. Market Trends - The offshore wind power sector is experiencing high demand, with significant growth in marine cable manufacturing driven by large-scale development plans [46][51]. - The report anticipates that the domestic marine cable market will exceed 16 billion yuan by 2026, with a compound annual growth rate of 25% [92][93]. Technical Capabilities - The company maintains a high R&D investment, with a research expense ratio around 3.5%, ensuring its technological leadership in the industry [97]. - It has advanced capabilities in producing long-length marine umbilical cables and flexible DC cable systems, positioning it as a leader in these specialized areas [4][99][100]. International Expansion - The company has successfully entered international markets, winning significant contracts in regions such as Europe and Southeast Asia, with a 130.56% increase in overseas revenue in 2023 [6][117]. - The report highlights the company's strategic partnerships with major international energy firms, enhancing its market presence globally [6][117].